On Thursday, US President Donald Trump signed an executive order to transfer ownership of TikTok’s US operation to a group of American investors, including Oracle cofounder Larry Ellison .

"I had a very good talk with president Xi. We talked about TikTok. He gave us the go-ahead," Trump said during a White House press conference. He conceded that he’d gotten a bit of resistance from the “Chinese side.” By Thursday afternoon, the Chinese government had not issued an announcement acknowledging the deal.

Vice President JD Vance said the deal valued TikTok at around $14 billion. ByteDance was valued at $330 billion as of August. Both Trump and his treasury secretary Scott Bessent credit Vance as playing a pivotal role in brokering the agreement.

Larry Ellison, Michael Dell, and Rupert

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